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Greetings fellow traders!
I have been following the Wheat market very closely due to certain
indications that as long as our low of 348 held by Friday the underlying
strength would indicate possible bullish underpinnings.
If this market is going to start up, it is going to have to start right
about now.
Here are the numbers for Sept Wheat that may prove interesting to you
Wheat traders.
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(FIB) Formation - Sept. 97 Wheat for 8/15
Target Date: 8-15
Formation Dates : 6-9 7-8 7-25
Formation Prices : 376.25 321 370.5
Target Date Levels: L1-348.30 L2-334.03 L3-321.00
L4-306.38 L5-285.59 L6-243.65
Fib Range Levels : 351.59 345.75 339.91 332.68
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On the Target Date Levels, L1 (348.30 rounded 348.50) provides
indication and confirmation of the significance of this price holding
since it agrees with my trend work. Going below 348 in my opinion
continues a negative bias and the momentum turns down. Currently this
energy is UP even though we've been moving down a couple of days.
Note, however, the 351.59 (351.50) Fib Range Level. This is our low for
today and looks good so far. If we close with this still as the low,
this looks good for LONGS.
My Cycle work also indicates a price direction change for this market
around about this time period. The window in Cycles can be quite large
at times, but we are in the middle of it right now.
Now trading Sept. Wheat may not be your bag of tea. It's time for me as
well to switch over to December.
Here are the prices from the Range calc for Dec. Wheat.
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TTC ver 2.3 - FIBONACCI RANGE LEVELS CALCULATOR
Last Close Price: ( 370.75) Range Prices: (388)-(333.5)
Top Extension Levels Within Range Levels Bottom Extension
Levels
415.25 388 320.638
408.819 375.138 312.681
400.862 * 367.181 * 306.25
360.75
354.319
346.362
333.5
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We are only concerned with the prices in the middle column because our
current price is within the previous range. The other columns are good
for anticipating how FAR a price can go once it breaks out of the last
trading range.
Notice the price marked with the asterisks. This currently is our bottom
in Dec. Wheat. Will it hold? I hope so. Going to 360 would turn our bias
to DOWN breaking the 363 swing point (point of momentum changing hands).
I personally see a low risk opportunity here. Anticipating a momentum
change going below 363 should provide an idea where to place your stop
loss.
cheers!
:)
rick
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**** http://FSoftPublishing.com ****
Market Of The Week Forecast
http://FSoftPublishing.com/forecast/forecast.htm
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